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    Gustavo Troyano • Itau BBA

    Gustavo Troyano's questions to JBS N.V. (JBS) leadership

    Gustavo Troyano's questions to JBS N.V. (JBS) leadership • Q2 2025

    Question

    Gustavo Troyano from Itau BBA requested more granularity on the U.S. Pork segment's margin compression in Q2, the reasons for the expected recovery, and the pace at which margins might return to recurring levels.

    Answer

    Wesley Batista Filho, CEO of JBS Foods USA, attributed the Q2 margin compression to short-term trade disruptions with China. He stated he expects an "immediate recovery" to normal margins starting in Q3, expressing overall optimism for the pork business due to low grain costs and its favorable positioning against high-priced beef.

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    Gustavo Troyano's questions to Adecoagro SA (AGRO) leadership

    Gustavo Troyano's questions to Adecoagro SA (AGRO) leadership • Q4 2024

    Question

    Gustavo Troyano of Santander asked about the primary triggers and expected timing for a potential rise in sugar spot prices, and also inquired about the spillover effects of global trade disputes on Adecoagro's Farming and Crops business.

    Answer

    Executive Renato Pereira outlined a positive scenario for sugar prices, citing poor crops in the Northern Hemisphere and a likely smaller Brazilian harvest due to drought, which increases dependence on Brazil. Executive Mariano Bosch added that South American soy and corn benefit from trade tensions, and Adecoagro's rice operations are gaining access to new markets in Central America.

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    Gustavo Troyano's questions to BRF SA (BRFS) leadership

    Gustavo Troyano's questions to BRF SA (BRFS) leadership • Q2 2024

    Question

    Gustavo Troyano inquired about the cost outlook for the second half of 2024 considering the company's inventory strategy, and asked for details on the operational and financial impact of the recent Newcastle disease outbreak.

    Answer

    CEO Miguel Gularte addressed the Newcastle disease outbreak, stating that BRF's agile management and the BRF+ efficiency program enabled a rapid response. He explained that the company quickly redirected volume to the domestic market, leveraging the strength of its Sadia and Perdigao brands to minimize income loss. He expressed confidence in overcoming the challenge, aided by the 57 new export permits and the quick reopening of key markets like China and Mexico.

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    Gustavo Troyano's questions to BRF SA (BRFS) leadership • Q1 2024

    Question

    Gustavo Troyano from Itau BBA asked for a quantification of the BRF+ 2.0 efficiency program, seeking to understand how far the company is from its internal benchmarks compared to the initial 1.0 version. He also requested more visibility on the grain cost outlook, asking if there is room for further cost-per-ton reductions in the coming quarters, similar to the visibility provided in mid-2023.

    Answer

    CEO Miguel de Souza Gularte explained that BRF+ 1.0 used 2019 as a performance baseline, while BRF+ 2.0 shifted to using the company's own top-performing units as internal benchmarks, creating a continuous improvement culture. CFO Fabio Mendes Mariano added that regarding grain costs, BRF has adopted a similar strategy to last year. Despite harvest challenges, ample production is expected, allowing the company to potentially increase its position during the second crop harvest, which could lead to a retraction of costs in Q3 and Q4, positively impacting profitability.

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